Posted on 10/15/2015 2:43:04 PM PDT by nickcarraway
China now has 596 billionaires, despite slowing growth in the world's second-largest economy.
The number of billionaires in China has overtaken that of the United States for the first time, an annual survey said on Thursday (Oct 15), calling it a "turning point" for the super-wealthy.
Communist-ruled China now has 596 billionaires, up a "staggering" 242 over the last year, Shanghai-based luxury magazine publisher Hurun Report said, surpassing the 537 Americans.
"The world used to look to American entrepreneurs ... for inspiration. This year, 2015, is a turning point," Hurun Report chairman Rupert Hoogewerf told AFP. "This is the first year we've seen they've been eclipsed. They are being overtaken by Chinese, and not just a little bit."
The number of Chinese billionaires would increase to 715 if those from Hong Kong, Macau and Taiwan were included, the survey said. "In 2015, the entrepreneurs are Chinese, they are not American. We have American ones, but the king is Chinese," Hoogewerf said.
(Excerpt) Read more at channelnewsasia.com ...
What’s billion renminbi worth?
Oh, about a dollar two-ninety eight.
I don’t really care. Let them enjoy their crappy communist country.
China is the new America. Their middle class is larger than that of the United States and their standard of living is higher than ours.
Most of them spend a lot of time in our country. They are buying about 15% of the real estate in my area.
You’ve obviously never been to China. They have one of the lowest standards of living of any 2nd world country. They steal, print fake money, peg their rmb to USD, etc. Its a damned, filthy mess over there.
I don’t really care. Let them enjoy their crappy communist country.
******
Are you talking US or China? :)
In a similar vein, Macao is now the gambling capitol of the world. Triple the gaming economy of Vegas.
That’s okay by me.
Paging Mr. Sanders. Mr. Sanders you have a message on the yellow courtesy phone.
As a smart guy said on CNBC several years ago:
China has central planning by scientists, engineers, and mathematicians, and the US has central planning by lawyers.
Neither is good, but by definition we lose.
Catchy phrase but BS.
What part is wrong?
Their central planning is run by their politicians same as ours. Buffoons on both sides.
People can laugh, but this is a surefire sign their economy is bigger than ours. It’s just a matter of time until military power follows. Also, their top university just beat out MIT in engineering rankings.
The US has topped the billionaires list since its inception, and the most rich people in the world for over a century.
The one thing that gives me comfort in the doomsday scenarios is that China has never been a particularly expansionist nation. Of course that could change, but 3000 years of civilization would, I hope, act as a restraint.
>> China is the new America. Their middle class is larger than that of the United States <<
Sure, your statement is true simply by definition if you’re referring to the “middle” of the Chinese income distribution. But it’s basically a meaningless comparison.
On the other hand, at the rate Chinese people are converting to Christianity, it seems that China may within a decade or two have more Christians than the USA.
>> China has central planning by scientists, engineers, and mathematicians, and the US has central planning by lawyers. Neither is good, but by definition we lose <<
China basically gave up most central planning during the 1980’s, hence the unprecedented growth of their GDP in subsequent years.
To be sure, however, China still has many cumbersome state-owned enterprises, and the inefficiencies of those outfits continue to be a drag on the Chinese economy. But the operations of these firms aren’t “centrally planned” in a meaningful sense.
In any event, there’s no persuasive logic, nor is there empirical evidence, to demonstrate that central planning by scientists and engineers could consistently outperform central planning by lawyers. The two approaches stink equally. Anybody who thinks otherwise needs a big dose of Hayek and Mises.
You’ve obviously never been to China.
No, but I spend time in Korea, and wealthy Chinese tourists—thousands of them—rule the roost and are catered to by all the Korean stores. They have whole parts of the upscale Lotte and Shinsegae department stores in Seoul that exclusively cater to the Chinese tourists. At least from the perspective of Seoul, the U.S. is in collapse and China in ascendancy.
Good for them.
If any are single and female and looking for a husband, please do get in touch....
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